GLOBAL MARKETS-Dollar, stocks fall on revived growth worries

路透新闻部

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* No wage growth in U.S. jobs data tarnishes strong report
* Equity markets again worry about global growth
* Euro zone bond yields hover just above record lows
* Oil falls under $50 as supply glut drags
(Adds oil settlement prices)
By Herbert Lash
NEW YORK, Jan 9 (Reuters) - The dollar eased on Friday after
a U.S. labor market report suggested a go-slow approach to
raising interest rates, while global equity markets fell on more
weak data from Europe, adding to worries about tepid growth
around the world.
Crude oil slipped under $50 a barrel as Brent, the global
benchmark, posted a seventh straight weekly loss. Gold rose and
was set for its first weekly gain in four weeks as political
uncertainty in Greece boosted demand for safe-haven assets.
Also weighing on investors was a Reuters report that raised
concerns that prospective European Central Bank bond-buying may
fall short of the unlimited money-printing program investors
have expected.
"The news out of the ECB this morning, this leaking out
about what the program may look like, people are disappointed
because they don't think it is big enough, so that is causing
some pullback," said Ken Polcari, director of the NYSE floor
division at O'Neil Securities in New York.
Investors are still concerned about the impact of lower oil
prices and how that might expose certain trades in the financial
markets, said Jack Ablin, chief investment officer at BMO
Private Bank in Chicago.
"Somebody's going to cry 'uncle,' we just don't know who it
is yet," he said.
Data from Germany reflected weakness in the euro zone, which
is still struggling to emerge from the economic crisis. German
exports fell sharply in November and industrial output also
declined.
U.S. job growth increased briskly in December and the
jobless rate dropped to a 6-1/2 year low. But wages slipped,
buttressing the case for the Federal Reserve not to rush to
raise interest rates.
A five-cent drop in average hourly earnings, which nearly
erased gains seen in November, took some shine off an otherwise
mostly upbeat labor report, economists said.
Markets are caught between stock and bond investors
over-reacting to economic data and global events, pushing U.S.
equities to new highs and bond yields to record lows, said David
Kelly, chief global strategist for JPMorgan Funds in New York.
"The only thing that is more bizarre than a lack of wage
growth right now is the fact that, in an economy that is growing
as rapidly as this one, is that you can have a 2 percent
Treasury. That makes no sense at all," Kelly said.
The dollar traded at 118.56 yen, a loss of 0.91
percent on the EBS trading platform. The euro rose 0.39
percent to $1.1838.
MSCI's all-country world stock index, a
measure of equity markets in 45 countries, fell 0.41 percent.
The pan-European FTSEurofirst 300 index of leading
regional companies closed down 1.45 percent at 1,348.58.
On Wall Street, the Dow Jones industrial average fell
147.32 points, or 0.82 percent, to 17,760.55. The S&P 500
slid 14.36 points, or 0.7 percent, to 2,047.78 and the Nasdaq
Composite lost 22.08 points, or 0.47 percent, to
4,714.11.
Brent settle down 85 cents at $50.11 a barrel, after
hitting an earlier low at $48.90.
U.S. crude settled down 43 cents at $48.36 a barrel.
U.S. Treasury debt prices rose on the view rates are on
hold. Perceived odds on the Fed raising rates by September fell
to 52 percent, according to CME Fed watch, which tracks futures
contracts. That was down from 60 percent before the jobs data.
The benchmark 10-year note traded up 14/32 in
price to yield 1.9657 percent, according to Reuters data.
Government bond yields in the euro zone were just above
record lows. About a quarter of the euro zone bond market now
yields less than 10 basis points, while German bonds with
maturities of up to five years are yielding zero or less.
Yields on 10-year Bunds, which set the
standard for the bloc's borrowing costs, fell to 0.488 percent.
Gold for February delivery rose 0.92 percent to
$1,219.60 an ounce.
Copper prices slipped to 4-1/2-year lows on concerns about
oversupply after inventories climbed and worries about global
growth, especially in top metals consumer China.
(Reporting by Herbert Lash; Additional reporting by Chuck
Mikolajczak in New York; Editing by Dan Grebler and Nick
Zieminski)